"It was four years ago next month that Northern Rock collapsed, sparking a financial disaster described by the Bank of England’s governor as the worst since the 19th century. Yet incredibly, there has been no full public inquiry into what went wrong – and no evidence taken on oath from anyone concerned. We’re still waiting for a report on the RBS collapse, promised in March. There has been no word, either, from the accountants looking into the turmoil at HBoS and Bradford & Bingley. Meanwhile, Nick Clegg warns he’s ‘incredibly worried’ that the world is on the brink of another financial meltdown, with catastrophic implications for jobs. If our political class want a real scandal to investigate – one that affects all our livelihoods – this is where they should start digging." – Daily Mail leader

﻿﻿Police chiefs thrown to the lions and the hysterical politics of the lynch mob ﻿- Stephen Glover in the Daily Mail

Nick Watt: Britain would have looked weak if Cameron had cancelled African trip

"In the end the prime minister pressed ahead with his visits to South Africa and Nigeria – the two largest economies in Sub-Saharan Africa – for a simple reason. In the world of high diplomacy and international business a cancellation, other than after the death of a relative or a disaster, would have made Britain look weak. Britain needs to show it is a serious presence if it is to play a role in the new Scramble for Africa – catching up with China which now dominates the continent." – Guardian

"Mr Cameron will say that aid should be used to boost infrastructure and trade to ‘move people from dependence to independence’. He will call on Africa’s politicians to show more leadership in tackling corruption and lifting trade barriers. He will say ‘this can be Africa’s moment’ if the continent can tackle the challenges of boosting trade and democracy." – Daily Mail

Tory MP Adam Holloway applauds Liam Fox

Adam Holloway in The Sun: "The country's staggering debts have made defence cuts inevitable. I would like us to have gigantic armed forces – 100 aircraft carriers, 500 infantry battalions, hundreds of helicopters – but we can't. I thank God the Defence Secretary is Liam Fox, without whom the cuts would have been much worse. He understands reserve forces have worked for the UK in the past. Let's hope we don't need them again. But if we do, it will be thanks to Fox they're there to use."

The Sun thinks the cuts have gone too deep: "Frontline forces are to be reduced by 17,000 – leaving the smallest British Army since the Boer War… We all agree public spending has to be brought under control. But targeting the front line in the Army is as unacceptable as cutting the numbers of doctors and nurses in our hospitals."

Fox digs in for the Union with a strategy of military dividend for Scotland

"One of the most bullish figures in pushing for a more aggressive line against the SNP has been Defence Secretary Liam Fox. The former Edinburgh GP, who hails from East Kilbride, put some of his words into action yesterday by using the bases review as part of the UK government's case for Scotland to remain in the Union… In answer to a question from Eleanor Laing, the Scottish-born Tory MP for Epping Forest, he declared that the military dividend of an increased footprint of 2,500 would only last as long as the Union." – Scotsman

Ministers aim to save £1.5bn on the cost of the 459 operational PFI contracts

"Lord Sassoon will say that the government has “identified every opportunity” to find savings, tackling wasteful practice and gold-plating in PFI contracts”. The results from the pilots were “promising,” he said, with a Treasury spokesman saying it was hoped these savings “are just the beginning”. A unit to help contract managers make savings locally is being set up in the Cabinet Office, with contract managers retaining the savings locally." – FT (£)

Politicians that are anti-concentrations of power will win the future – Steve Richards in The Independent

Could Labour close the door to more immigration?

"Lord Glasman, Ed Miliband’s chief policy guru, wants a temporary halt to immigration to ensure British people are first in the queue for jobs. The Labour peer also urged the Government to renegotiate EU rules allowing the free movement of migrant workers in a decisive break with the open door policy of Tony Blair and Gordon Brown." – Express

FT: Euro at dangerous moment

"It is obvious that the battle for the euro is entering an altogether more dangerous phase. Italian and Spanish government bond yields rose again on Monday to their highest levels since the euro’s launch in 1999. So did the premiums that investors demand to buy Italian and Spanish debt rather than top-quality German bonds. “Decoupling”, or the notion that Italy and Spain have inoculated themselves against contagion from Europe’s outermost nations, is being ruthlessly exposed in debt markets as an illusion." – FT leader (£)

Union boss Derek Simpson received £500,000 golden goodbye

"A report to a meeting of the union's executive revealed that Mr Simpson was paid more than £500,000 when he left his post last year, including a £361,000 severance payment. Mr Simpson, 66, who stepped down as joint general secretary, also received almost £100,000 in salary, and more than £51,000 in housing benefit and car allowances." – Telegraph

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